My exposure in "dollar terms" will automatically be reduced for me by the free market which will understand that 60% of its investment isn't an investment at all but an expense.

Anyone who understands double entry bookeeping will see that. Whatever "income" masternodes draw is pure margin that has to be passed on to the market - "disguised" as an investment when it's actually an expense. That component of Dash's price does not go towards making competitive mining more "competitive" in Dash than it is, say in Litecoin. For that you'd need a much higher mining reward.

It's kind of like paying a miner $1000 to mine you some gold and then paying a cleaner another $1200 to clean it for you. Ok if the polished gold increased its value by 110% over the dirty gold, but if not.....the investor's gonna buy Litecoin and use a hand cloth.

Evan's original plan was that the "polisher" (Dash's service layer in this case) would add value to at least an extent that justified the premium charged to the market over the mining element and that should still be the idea long term. But meantime, while we're waiting for service demand to emerge and service provision to support it, lets give the investors what they want:

1. - more dash for the buck they pay to miners and get ourselves competitive again with the other BTC clones
2. - the prospect of "cherry on top" service layer that boosts the value of their investment

It only needs a tiny bit of sacrifice in priority 1 to fulfill priority 2 because if we reverse the current situation, the market will do the work of revaluing the coin upwards and that will give masternodes greater dollar valued rewards anyway. What we're doing right now is putting out the fire with gasoline. Like an aeroplane engine with an overly rich mixture - making it even richer in rarefied air when it actually needs leaned to generate more power.